After the Ethereum price shock in last few weeks or so, Ethereum is looking to start its new rally.
There are multiple reasons of this price shock, but I am not going into more detail in this .
Looking at the for Ethereum , it just hit its major support. Additionally, we see that is in the oversold region, which indicates that the trend reversal is imminent.
As a matter of fact, reached the oversold region in earlier 2016, and we see the surge in buying afterward.
I hope history does repeat itself and see Ethereum recovers from here.
Even though the price is very low at the moment, I would not place any buying orders unless I see a trend reversal in the .
However, if you are a long-term investor, this is a great opportunity to hop into the second largest cryptocurrency in this community.
My initial target is around $600-$700 range.